Fintech companies need to be meticulous with their money tracking, a lesson learned the hard way by a stock trading startup that constantly lost a few cents per transaction. Despite the importance of accuracy, they neglected to implement a double-entry accounting system, leading to frustrated users and customer support overload. This experience led to a deep dive into the intricacies of ledger design, revealing the significance of context, immutability, transactions, and normal balances. Building a ledger correctly is essential for financial success, challenging generalists and requiring a thorough understanding of the complex relationship between money, assets, and debts.
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